If your student moves off campus and rent is paid to a landlord rather than to the university, you can make a withdrawal to pay the rent. Keep in mind that the academic year is not the same as the calendar year. To be tax-free, the withdrawal must be made in the same calendar year as the expenses are paid. Other qualifying expenses include mandatory fees, computer equipment and related services, and books and supplies required for attendance. Tuition, naturally, is eligible, as are room and board if your student is enrolled at least half-time. Withdrawals for 529-eligible higher education expenses are tax-free. Ohio’s 529 Plan, where we are based, allows the account owner to reallocate investments twice a year. These investments should be reallocated to less risky fund choices as you get ready to withdraw the money. If you started saving early, your investment choices should have been fairly aggressive. This is also a good time to rebalance investments in the 529 account if you haven’t already done so. Savings in a state-sponsored Qualified Tuition Program, or 529 Plan as they’re commonly known, have grown tax-free and are now ready to be spent completely tax-free if you follow a few rules. Ideally, you’ve taken advantage of long-term, tax-free compounding discussed in our college savings strategies blog( ) and have built up nice gains in the college accounts. After years of saving, your child is finally off to college and you wonder how 18 years have gone by so fast.